Comparative advantage is directly related to which of the following concepts?
A) productivity
B) efficiency
C) opportunity cost
D) competition
E) fairness
C
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Which of the following statements is INCORRECT regarding the model for information products?
A) Average total costs slope downward, because average variable cost is constant, average fixed cost slopes downward. B) The firm maximizes profit by setting the price of its product equal to marginal cost. C) Marginal cost equals average variable cost. D) In the long run, accounting profit is positive.
In the case of errors-in-variables bias, the precise size and direction of the bias depend on
A) the sample size in general. B) the correlation between the measured variable and the measurement error. C) the size of the regression R2. D) whether the good in question is price elastic.